Christodoulides says new support measures will be introduced on top of the €1 billion aid package

Cyprus President Nikos Christodoulides said the government is considering further support measures on top of the more than €1 billion in aid already announced and implemented. Some of the new measures will require approval from the European Commission. The government is implementing a three-part plan: zero VAT on some products, tax reform to increase disposable income, and preparations to connect the Vassilikos power plant to natural gas. Cyprus has recorded a budget surplus for the third consecutive year and will present specific proposals at the European Council in Brussels over the next two days.